Andrew Walker

Andrew Walker × Hugo Navarro

Europe’s July 2026 DMS mandate reinforces Seeing Machines’ and Smart Eye’s duopoly, while SEE trades at roughly 11x Navarro’s mid-range FY27 FCF estimate.About $55M of largely fixed opex creates operating leverage as volumes rise, while naturalistic data supports the moat.Risks include the $55M convertible due in October and weak Fleet conversions; a white-label licensing deal is not yet landed.

Andrew Walker × Jonathan Cohen

YouGov trades at roughly six to seven times EBITDA on a $500M EV after being labeled an AI loser, despite a 30-million-person, 60+ country, 20-year attitudinal data set refreshed daily.Cohen argues auditable synthetic data can lower the cost of its $50–100k products, while YouGov’s buyback conversion and Anthropic usage offer catalysts; synthetic-data reliability and pricing power remain key tests.

Andrew Walker × Adam May

Maintenance data beat modeled scenarios, with clinical-remission deltas of 40% at 50mg and 39% at 25mg, versus Rinvoq’s 18% endoscopic remission.After seven cancers drove the stock below $100, May cites a pooled 0.59 rate versus 0.5 background, while Part 2’s 500–600 patients due before June ends may clarify safety; mid-2027 Crohn’s data and label risk remain catalysts.

Andrew Walker

Amadeus has roughly 50% share in core segments, 400+ airline connections, and mission-critical IT costing around 1% of revenue, but trades at 15x earnings versus 22–24x historically.AI may improve productivity rather than replace Amadeus; Google’s partnership supports the distribution moat, while 8% topline and 15% EPS growth imply close to a 20% return over three to four years.

Andrew Walker × Leo Trudel

Stevanato’s roughly 50% drawdown on oral GLP-1 fears contrasts with high-value solutions nearing half of revenue.Those solutions are growing 15-18% at roughly twice the gross margin of the rest, supporting a mix-shift case.Trudel says oral GLP-1s are about half as effective as injectables and models 18.6% EBITDA CAGR, while Walker flags non-take-or-pay capacity risk and ongoing headline sensitivity.

Andrew Walker × Deiya Pernas

Down over 90% from its $6–7B valuation, Sprout Social trades at 0.6–0.7x EV/sales while guiding to 10% growth and Rule of 40 within eight quarters.API and compliance-sensitive workflows may defend switching costs, but agents could weaken them.Super-voting expiry on December 17 makes governance, restructuring, or a sale key variables.

Andrew Walker × Marcelo Lima

Marcelo Lima calls the SaaS-pocalypse a perception panic: Claude Code increases incumbent engineers’ leverage while Salesforce, ServiceNow, Atlassian, and Adobe are priced for zero or negative growth.Governance, SOC 2, trust, sales, and liability remain enterprise moats, but improving AI, delayed Salesforce adoption, insider-buying failures, buybacks, and stock compensation keep the platform thesis unresolved.

Andrew Walker × Adam May

Adam May pairs trial-outcome forecasting with a reason consensus is wrong, using Abivax’s maintenance-enrollment math and Nektar’s forensic reconstruction of Lilly’s rezpeg analysis to identify mispriced biotech data.Nektar’s durable response, four-times-yearly dosing and an OX40 vacuum support its asymmetric setup, while Abivax’s phase-three, hard-to-copy mechanism makes a potential buyout thesis; June maintenance data are the key catalyst, with May watching a 20–30% delta.

Andrew Walker × Roy Swisa

Journal Technologies is shifting from services to products, with Orange County RFP evidence supporting management’s turnaround claims.Roy sees 20% growth and $13M of 2025 free cash flow against $150M implied EV, protected by regulation, backward compatibility, and procurement inertia.Andrew’s sum-of-parts reaches $516/share versus $500, making a re-rating—and a possible Sanborn Map-style portfolio tender—the key unresolved debate.

Andrew Walker × Doug O’Loughlin

AI's next phase is shifting Big Tech from cash-generative platforms toward debt-funded infrastructure, with power—not chips—as the binding bottleneck and TPU emerging as a credible number-two accelerator.The opportunity depends on monetizing token demand and agentic commerce, while rising capital intensity, a possible three-year runway to a hangover, and governance signals such as Target Hospitality's PSU award remain key risks to monitor.